Facebook will be revamping their January crypto ad ban policy to allow certain related advertisements through an application process.
Ad Ban Replacement Policy
The press release defines that the new policy will allow “cryptocurrency and related content from pre-approved advertisers,” but will continue blocking “binary options and initial coin offerings.”
Those looking to place ads will have to submit an application with information regarding any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.
Blockchain Space Leaders Response
Iqbal Gandham, UK Managing Director at eToro:
We have always advocated for a more sophisticated approach to cryptocurrency advertising, as we believe legitimate providers shouldn’t be lumped in with rogue operators.
Shane Brett, Co-founder and CEO of GECKO Governance:
It indicates that Facebook may have taken the recent global upswing in regulation for cryptocurrencies into account when revising their policies, as well as the emergence of institutional investment in the space.
Antonio Romero, Orvium Co-founder:
This is an important step and I believe it will help other tech behemoths like Google and Twitter to lift the bans and restrictions they put in place earlier this year.
James Tabor, CEO of MEDIA Protocol:
The crypto space is very small compared to Facebook’s entire market. However, banning all crypto ads stifles the content and conversation which is core to Facebook’s business model. Certainly segments of their audience are interested in crypto, so excluding all paid content from an area of interest is bad for their model.
Gianluca Giancola, Co-founder and Head of Design & UX at qiibee:
Carlos Grenoir, CEO of Olyseum:
I envision a future of decentralized technology, giving more power to the people and not limiting tech financing to large funds or entities. Once the ICO space is adequately regulated and devoid of scams, it is logical that key public channels will become part of the ICO ecosystem, opening the door to increased visibility for the space.
Will the application and cost be worth it?
It seems like these blockchain space leaders would say so. Facebook provides a platform to reach a consistently growing user base that is now well over 2 billion.